Developing a House Price Index for The Netherlands: A Practical Application of Weighted Repeat Sales

This paper describes the development of a house price index that has been introduced in May 2005 in The Netherlands. This monthly index, called Woningwaarde Index Kadaster (House Price Index Kadaster), is designed to detect changes in the price of the overall stock of owner-occupied homes. Fifty-five indices are calculated: one overall index, four regional indices, 12 provincial indices and 38 indices based on combinations of region/province and dwelling type. We used Case and Shiller’s geometric Weighted Repeat Sales Model to calculate monthly house price indices. We used recorded data on the sales of over 500,000 owner-occupied homes in The Netherlands, all representing repeat sales between January 1993 and December 2006. The accuracy of the index was determined using the 95% confidence interval. We observed that accuracy might become a problem in smaller sub samples. Revision volatility was explored by comparing the index values computed from all available data until December 2005 with the index values computed from the data available until December 2006. Our analysis showed that revision volatility does not seem to be a major problem to the index. We also explored heteroskedasticity in the Repeat Sales method but did not find conclusive evidence for the proposed heteroskedasticity. Given our target (a geometric mean index value) and the characteristics of the dataset (very large but without property characteristics) the Repeat Sales Method seems to be adequate for calculating a house price index for The Netherlands.

新形势下企业裁员过程管理探讨

随着企业减员提效趋势的增强、《新劳动合同法》的颁布和金融危机的爆发,企业裁员行为日趋增多。对企业裁员过程的管理无疑成为非常关键的一环,很多矛盾都有可能在这一阶段被激化。企业只有对裁员过程进行科学管理,才能防止裁员过程中出现盲目、混乱的行为,确保裁员过程的公平和公正,使裁员计划能够顺利实施。     

艺术品的金融属性：投资收益与资产配置*

本文基于2000—2014年中国艺术品拍卖市场近现代国画的微观数据,在资产配置中引入市场交易机制中的佣金变量,加入艺术品市场规模约束,采用重复交易法实证计量嵌入艺术品市场的投资收益特征并量化其资产配置效应,以测度其市场功能。优质的艺术精品具备金融资产风险和收益的基本特征,本文对艺术品资产与资本资产定价模型的适应性进行讨论。研究表明：在样本期内,剔除通胀和佣金成本因素后收益率更加贴近现实,中国艺术品投资的实际收益率水平为1308%,表现出高于欧美市场的投资溢价;艺术品投资与传统的股票、债券等金融资产之间表现出相对独立性,并能有效改善投资者资产组合的风险边界,可以成为资产配置优化和多样化的重要选择。中国艺术品市场的长期稳健发展将为投资者提供更多的资产优化产品和工具。     

基于Bass模型的品牌扩散模型研究综述

总结回顾了基于Bass模型的品牌扩散模型的主要研究进展,依据是否考虑了重复购买因素将品牌扩散模型分为品牌首次购买模型和品牌尝试-重复购买模型,并对两类模型进行了归纳和比较;探讨了在放宽基本扩散模型限制性假设方面的主要成果,并指出了未来研究的方向。     

美国官方OFHEO房价指数探析

美国OFHEO房价指数作为由美国官方权威机构发布的季度房价指数,在美国房地产业具有广泛的影响力。本文对其发展渊源与运行机理进行介绍与探讨,以期为中国房地产指数的相应研究提供借鉴。     

Art festival attendance: Who attends and why with implications on developing future festival attractiveness

Art festivals are an increasing part of a destination's event portfolio, asserted by destination marketing and management agencies to hopefully promote community engagement including attracting tourism, trade, and talent to the destination. With art festivals a common annual event feature at destinations, the competition for festival participation has increased, creating a greater need to isolate those festival attributes that are specifically appealing to targeted visitor segments. Examining participant profile and motives to attend the publically funded annually recurring Macau Arts Festival (MAF), the findings of this case study showed mostly community involvement with participants being mainly well educated, middle-aged, and female. While an aim of the festival, international participation in the festival was limited. A factor analysis on motives to attend the festival revealed that while there was common agreement with previous literature on reasons to attend, Macau's cultural background provided increased opportunity for the MAF to differentiate the event. Marketing implications also suggested investigating a communication strategy that could differ between attracting local and international audiences. With a significant cost to public finances, greater scrutiny on the appeal of the festival to specific local and international audiences was recommended to better present the cost to benefit argument for hosting.     

The paths from insider to outsider: A review of employee exit transitions

Employees' roles as organizational members often do not end immediately after they have made the decision to leave or it has been made for them. Instead, this decision serves as a turning point initiating an exit transition process. The purpose of this article is to consolidate prior scholarship in order to gain an understanding of the state of the science, as it pertains to exit transitions. Our literature review yielded almost 200 articles that have directly or indirectly studied the exit transition process. In organizing the insights from these studies, four categories of exit transition scholarship emerged—exit transitions in the context of voluntary turnover, involuntary turnover, temporary transitions, and top management exits. Moreover, our review indicated that exit transitions are shaped by three critical forces—the permanence of the transition, the magnitude of the identity change associated with the exit, and the organizational impact of the exit. We review research on each of the four categories and show how each type of transition is shaped by these forces. Finally, we turn our focus to the future of work and discuss how changes in the way that work is structured may alter the study of employee exit transitions in the future.     

Measuring customer experience in situ: The link between appraisals,emotions and overall assessments

Customer experience is frequently researched using one-off recall studies, missing the opportunity to assess the momentary fluctuations associated with consumption in real time. To address this gap, this study investigates how specific experience appraisals of an event affect emotions at different points in time, as well as determining how these appraisals contribute to overall satisfaction, recommendation, and repeat visitation. Fifty-one event goers report their experiences on four occasions (three during and one post event). Results show appraisals of having fun predict feelings of joy at each of the three sampling periods, whereas appraisals of sensory experience predict feelings of inspiration. Overall, sensory appraisals at Time-2 and appraisals of fun at Time-3 are associated with higher ratings of recommendation and repeat visitation. This research extends the understanding of customer experience by demonstrating the differential role of appraisals and emotions in real time and the flow-on effects to post experience assessments.     

Assessments of Lodging Service Unit Performance for Repeat Business

Abstract

Generating repeat business has been one of the greatest challenges to lodging marketers. This study explores a new approach to predicting customers' repatronization intention from the performance of key service units in lodging organizations. Repeat and first-time customers are studied separately in order to draw effective strategic implications for lodging operators. The results of this study show that repeat and first-time customers have different reasons for their continuous patronization to a particular lodging company. Practical implications and future directions for this line of research are discussed.     

Downsizing and survivor reactions in Malaysia: modelling antecedents and outcomes of psychological contract violation

This study provides an empirical test of a model of antecedents and consequences of psychological contract violation (PCV) caused by the experience of downsizing. A longitudinal survey method was used to collect data at two different points in time (a month after downsizing, and eight months later) from a sample of 281 survivors from a large Malaysian organization going through downsizing. Respondents were from the headquarters (HQ), factories and subsidiaries located across the country and were employed across hierarchical positions including managers, supervisors, technical, operating and administrative staff. A causal model is proposed and tested. The model proposes that the perception of justice and negative affectivity at time 1 (T1) predict PCV, which in turn predicts three attitudinal and behavioural outcomes of commitment, organizational citizenship behaviours (OCBs) and turnover intentions at time 2 (T2). Three variations of the model (fully-mediated, partially-mediated and unmediated) were tested with structural equation modelling. The results show that both the perception of justice and negative affectivity significantly predict PCV, and that there is a direct effect between PCV and commitment, an indirect effect between PCV and OCBs, and both direct and indirect effects between PCV and turnover intentions. The findings demonstrate the utility of psychological contact framework in explaining survivor reactions to downsizing.